As I was driving into the office this morning, an interesting (and timely!) conversation came up on the radio. A whole bunch of stats about Millennials were broadcasted by the talk show hosts about what Millennials are up to these days.
This is timely because recently, with SnapApp, we completed a survey about the generational differences between buyers and sellers.
So, while this radio show had nothing to do with buyers and sellers, it still piqued my attention. And nonetheless, a handful of these stats shared came with similar rationales to some of the same numbers we found.
Conclusion #1: the doorbell is dead
Apparently, the sound of the doorbell is terrifying to millennials. When Millennials arrive at a friend’s house or apartment, instead of ringing the doorbell, they remain in their car or out front and text their friend to meet them outside. So, when the doorbell rings, instinctively they worry they don’t know the person outside and choose to ignore it.
Similar in the B2B buying world, we found that authenticity is one of the main keys to winning the Millennial buyer. 65.1% of Millennials said company values is one of the most important aspects to evaluate when choosing a vendor. While only 6.98% of Millennials said the actual product features/benefits is the most important aspect to evaluate when choosing a vendor.
That goes to show, if Millennials trust you (either at your doorstep or through your company values), you have a much higher likelihood of getting your foot in the door.
Conclusion #2: Millennials aren’t the only social butterflies
While the Millennial generation is known for always being face-down on their Smartphones, they may not be the only ones. About 49% of Millennials are more likely than Gen X’ers or Baby Boomers to leave their Smartphones at home while on vacation and digitally detox. So Millennials may not be the only ones addicted to their phones…
In fact, in our survey, we found that a little more than 30% of Gen X and Baby Boomers preferred to use social media as their first source of information when researching a new product or service. Yes, Millennials are still a highly social generation, but their generation counterparts may be leading the pack contrary to popular belief.
Conclusion #3: Late nesters are all the rage
Bear with me. According to Pew Research, a third of Millennials still live at home with their parents. At the same time, it’s been found that Millennials are also staying single much longer than previous generations. The median age for a newly married individual is 30 years old in the 2010s, while it was just 23 years old in the 1970s.
So, it looks like Millennials take their sweet time when it comes to buying a house or finding their partner…or, in other words, decision-making.
We came to the same conclusion when it comes to B2B buying. Nearly 60% of Millennials don’t engage with sales until the middle of their buying process. This gives them time to do their own research, analyze features, get to know the company and prioritize what’s important to them in their search. They may slow to the game, but it doesn’t mean they are wasting time.
As more and more Millennials gain influence at the buying table, we have to take into consideration this generation isn’t going to play by the same rules. The old playbook just won’t work and we have to adapt if we want to succeed.
Want to learn how to adapt and understand the dynamics of today’s B2B buying committees? Join Aaron Dun of SnapApp and me to discuss how you can find success from Millennials, Gen X and Baby Boomers alike. Joi the conversation and discuss the new playbook or marketing and selling to encompass all generations as buying committees and decision-making tendencies shift.
When: September 19 @10:00AM PT
Who: Aaron Dun (SnapApp) and Matt Heinz (Heinz Marketing)